New Delhi, Sept. 4 -- Several industry associations have welcomed the Centre's move to rationalise GST rates to two slabs of 5 per cent and 18 per cent.

Director General of Confederation of Indian Industry (CII) Chandrajit Banerjee called the GST reforms a "phenomenal milestone".

Issuing a statement, Chandrajit Banerjee said, "This move on GST reforms is a phenomenal milestone. CII not just welcomes the GST Council's forward-looking decisions, moving to two rates of 5 per cent and 18 per cent from September 22, simplifying refunds and MSME procedures, and exempting individual life and health insurance from GST, but also sees this as path-breaking."

"This clarity will ease compliance, reduce litigation, and give businesses and consumers...